EquityPandit’s Outlook for Dr. Reddy for the week (January 30, 2017 – February 03, 2017) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 1.60%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 2970 to 2980. Resistance for the stock lies in the zone of 3020 to 3040 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 3080 to 3100 from where the stock has broken down on intraday basis. During the week the stock manages to hit a high of 3012 and close the week around the levels of 2995.

Minor support for the stock lies in the zone of 2950 to 2960. Support for the stock lies in the zone of 2910 to 2930 where the stock has formed a bottom in the month of July-2016. If the stock manages to close below these levels then the stock can drift to the levels of 2800 to 2830 where the stock has formed a bottom in the month of May-2016.

Resistance for the stock lies in the zone of 3020 to 3040 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 3080 to 3100 from where the stock has broken down on intraday basis and Fibonacci level is lying.

Broad range for the stock is seen from 2920 – 2930 on downside to 3080 – 3100 on upside.